A shuttered storefront on the north end of the Las Vegas Strip has a new owner. Rhino Investments Group founder Sanjiv Chopra confirmed he acquired the former CVS space at the base of Sky Las Vegas, an upscale condo tower, for $13.5 million in a deal that closed this month.
The retail property spans approximately 14,380 square feet and has been vacant since the drugstore chain moved out in 2017. The purchase marks a sharp decline in value from a prior landlord’s acquisition — Virginia-based Capital Square bought the space in 2014 for about $33.3 million. The property later went into foreclosure in spring 2025 after a default on a roughly $22.9 million loan.
Chopra envisions filling the space with restaurants offering more affordable prices than what diners typically encounter on the casino-packed Strip. He is currently in talks with a Greek restaurant, a pizza place, and a breakfast spot, though no leases have been signed.
“It’s great real estate,” Chopra told the Las Vegas Review-Journal. The property is across from the Fontainebleau, next to a Hilton timeshare complex, and just up the street from Circus Circus — locations that could provide substantial foot traffic.
However, Chopra is not planning immediate changes. CVS is still paying rent on the closed store, with the lease running through 2029. Chopra plans to overhaul the space after the retail giant’s lease expires, collecting rent in the meantime. Listing brokerage Logic Commercial Real Estate indicated the property would generate nearly $2.3 million in year-one net operating income.
CVS spokeswoman Amy Thibault confirmed the company is still paying rent and actively trying to sublease the property. The drugstore closed in 2017 due to “reduced foot traffic, population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs,” Thibault said.
The acquisition highlights the ongoing transformation of the north Strip, an area that has long had less foot traffic than other sections of Las Vegas Boulevard but is seeing renewed interest. The nearby Fontainebleau opened in late 2023, and other developments are gradually bringing more visitors to the area.
Drugstores on the Las Vegas Strip have historically commanded hefty property values, high sales revenue, and pricey rents given the constant flow of tourists. The $13.5 million purchase price suggests Chopra acquired the property at a significant discount, potentially positioning the investment for strong returns once the space is redeveloped.
Sources: Las Vegas Review-Journal, Review-Journal – Strip Foreclosure
